JPMorgan Chase CEO Jamie Dimon has revealed that the traditonal process where bankers reviewed your loan, managed your portfolio and approved morgage could seen change.
Speaking to Bloomberg, the CEO of the largest bank in the US with 318,512 employees and assets worth $4.4 trillion said that artificial intelligence will reduce the number of employees and that they will soon be hiring AI people in some categories thus imprving productivity.
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Even though the bank currently uses AI in document management, fraud detection and marketing, Jamie said that the technology will soon affect every job and every process.
The news comes at time when Standard Chartered Bank confirmed that they will cut 7,800 roles come 2030, a sure sign that bank are now embracing the use of AI.
JPMorgan Chase has currently deployed some of its staff affected by the emergence of artificial intelligence into roles that they manage perfectly as revealed by the CEO.
“We have displaced people from AI, and we offer them other jobs. They are usually well-trained and highly talented, very good at things,” he said
The bank has also set a $20 billion technology budget and they are also using an internal large language model (LLM) used by over 150,000 employees, and thanks to it, it has saved them over four hours.
